Coalition secures big win for small business
16th March, 2016
The Coalition Government has fought hard to back small business by delivering major changes to misuse of market power provisions in the Competition and Consumer Act (CCA) the Federal Member for Wide Bay Warren Truss said today.“Thousands of farmers and small and family enterprises across regional Australia will benefit from reforms to the CCA,” Mr Truss said.
“The government has fought long and hard to secure protections for small business and farming enterprises as they are the engine room of our nation, employing 4.7 million people and contributing $340 billion to the urban and regional economies.
“These reforms will address a long standing weakness in the existing competition rules and will ensure that we have a more transparent and competitive marketplace that treats all supply chain participants fairly.
Mr Truss said for the first time in Australia, the Australian Competition and Consumer Commission (ACCC) will have meaningful provisions to protect small businesses that have been subject to misuse of market power by big business and multinational companies.
The proposed changes to section 46 of the CCA will mean that any conduct that has the effect of substantially lessening competition will be subject to more stringent regulation.
The current Chair of the ACCC, Rod Simms, has been calling for these stronger provisions and former Chair Allan Fels also strongly supports these changes.
Mr Truss said that the government consulted widely with stakeholders on the design of these reforms and was confident that they would deliver fairness to businesses and a genuinely competitive marketplace for consumers.
